VESTEY'S PURCHASE

Evening Post, Volume CIX, Issue 101, 2 May 1925, Page 11

VESTEY'S PURCHASE

SALE OF FREEZING WORKS

INFLUENCE OF MEAT BOARD.

(»I TILKB.IPH—PBESS ASSOCIATION.)

GISBORNE, Ist May

The Commission of Inquiry set up by the Government to go into the sale of the Poverty Bay Farmers 1 Meat Works to Vestey's continued to take evidence here to-day. George Hartley Coop, continuing his evidence, admitted that a sale to Vestey's at £500,000 would have been to the benefit of shareholders, but he never really thought the Government and the Meat Board would have agreed to the sale going through. James Copeland Field, farmer, and director of the company since its inception, gave evidence of his visit as One of a deputation to Wellington to ask the Meat Board to include the vessel in the freight- contract. At Wellington they saw Mr. Jolly, whose statement to the directors that the vessel was not to return to New Zealand under the company's control witness definitely denied.' At the same time Mr. Matthews, another director j questioned Mr. Jolly concerning the uncalled capital, asking if, after calling up all the capital of the company, it was the bank's intention to wind it up, Mr. Jolly replied in the negative. . • To Mr. Myers witness admitted that with calls not coming in, the bank had cause for anxiety. To Mr. Jones witness said he didn't think the bank had stopped the company's account when the directors interviewed the Meat Board over the Admiral Codrington. The chairman of the Commission announced that the. loose leaves of the ledger had been produced and were now in the possession of the Commission.

Otto Hunsen, fat stock buyer, gave evidence as to dissatisfaction with the management after Mr. Elliotts control of the works. Witness said that Mr. Lysnar paid the butchers over the award rates, which caused a strike- as soon as Vestey's took.over. During the slump the company advanced £15,700 to some of their clients on behalf of tho meat. The manager arranged about the advance and bought forty-eight head of cattle, but subsequently said that no more advances were to be made. ' .

Eustaco Lane, of tho Wairoa farmers, said he sent a shipment of beef through the Wairoa Freezing Works, but didn't get satisfactory results. Ho not only lost the beef, but received a debit note against his account. He thought it was a fine opportunity for Mr. Jones, of the Meat Board, to distinguish himself, but he didn't do' so. He simply got a letter referring him to the bank. '.

To Ml-. Jones he admitted that, the bullocks were sent Home just before the Meat Board cariie into office.